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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

Question 1

Dale received $1,000 in 1990 for jury duty. In exchange for regular compensation from her employer
during the period of jury service, Dale was required to remit the entire $1,000 to her employer in 1990. In
Dale's 1990 income tax return, the $1,000 jury duty fee should be:

A. Claimed in full as an itemized deduction.
B. Included in taxable income without a corresponding offset against other income.
C. Claimed as an itemized deduction to the extent exceeding 2% of adjusted gross income.
D. Deducted from gross income in arriving at adjusted gross income.

Question 2

In 19X4, Smith, a divorced person, provided over one half the support for his widowed mother, Ruth, and
his son, Clay, both of whom are U.S. citizens. During 19X4, Ruth did not live with Smith. She received
$ 9,000 in Social Security benefits. Clay, a 25 year-old full-time graduate student, and his wife lived with
Smith. Clay had no income but filed a joint return for 19X4, owing an additional $500 in taxes on his wife's
income. How many exemptions was Smith entitled to claim on his 19X4 tax return?

A. 3
B. 4
C. 1
D. 2

Question 3

Tom and Joan Moore, both CPAs, filed a joint 1994 federal income tax return showing $70,000 in taxable
income. During 1994, Tom's daughter Laura, age 16, resided with Tom. Laura had no income of her own
and was Tom's dependent.
Determine the amount of income or loss, if any that should be included on page one of the Moores' 1994
Form 1040.
The Moores had no capital loss carryovers from prior years. During 1994, the Moores had the following
stock transactions, which resulted in a net capital loss:

A. $0
B. $25,000
C. $900
D. $50,000
E. $500
F. $55,000
G. $1,250
H. $10,000
I. $3,000
J. $2,000
K. $1,300
L. $2,500
M. $75,000
N. $1,500
O. $1,000

Question 4

DAC Foundation awarded Kent $75,000 in recognition of lifelong literary achievement. Kent was not
required to render future services as a condition to receive the $75,000. What condition(s) must have
been met for the award to be excluded from Kent's gross income?
I. Kent was selected for the award by DAC without any action on Kent's part.
II. Pursuant to Kent's designation, DAC paid the amount of the award either to a governmental unit or to a
charitable organization.

A. I only.
B. Both I and II.
C. Neither I nor II.
D. II only.

Question 5

Tom and Joan Moore, both CPAs, filed a joint 1994 federal income tax return showing $70,000 in taxable
income. During 1994, Tom's daughter Laura, age 16, resided with Tom. Laura had no income of her own
and was Tom's dependent.
Determine the amount of income or loss, if any that should be included on page one of the Moores' 1994
Form 1040.
The Moores received $8,400 in gross receipts from their rental property during 1994. The expenses for
the residential rental property were:

A. $0
B. $25,000
C. $900
D. $50,000
E. $500
F. $55,000
G. $1,250
H. $10,000
I. $3,000
J. $2,000
K. $1,300
L. $2,500
M. $75,000
N. $1,500
O. $1,000

Solutions: